Settlement Offer

laguna_1

Hi All,

I have received a letter in the post for a 50% payment to clear the debt. Does it sound ok to you...I would write back but don't want to reset the SB clock.

Dear Mr X,

Reference debt of £2500.12 owed to BANK OF SCOTLAND WHITE LABEL.

We have sent you a number of letters, we have tried to telephone you, and our local door step collector has attempted to contact you at home - all with no success.

Our client wants full payment now, but this may not currently be within your means.

SETTLEMENT OFFER _ TELEPHONE US NOW AND WE WILL ACCEPT A SETTLEMENT OF £1,250.06

This offer is open to you for a period of 30 days from the date of this letter.

Our client is now willing to accept the above amount as a reduced settlement of this account. Upon receipt of the agreed amount, our client will arrange for your credit record to be amended to show the balance as zero/nil with a special flag of partial settlement.

Even if you can't afford to accept this offer now please contact us so that we can agree an affordable repayment plan with you.

Your Sincerely

Head of collections for Iqor Recovery Services Ltd.

WHat do you guys think...if pad i would use a third party's debit card.

Should i just hold back further and wait for a reduced offer...I have been defaulted on this already and not paid anything bar £1 in the last 3 years (I did send ackowledgement by offering a 20% settlement last october and a £1 payment (1 yr ago).

It's 4 years until it's SB'd ( in scotland)...

also i know i would reset the clock if i send a settlement offer in my name, if i phone them, i believe this wouldn't reset the clock, is that right.

ALso if a third party sends letters for me (eg parents) , would this reset the clock as in lowering the offer

Sorry for all the questions

Thanks

bottleofred

Hi Laguna,

A debt becomes statute barred if you have not paid anything towards it or acknowledged it in writing in 6 years (5 in Scotland). It's a good offer and I'd pay if I had the money, but that is a question only you can answer. You could phone them with a lower offer and it makes no difference regarding the debt becoming statute barred, but as you have 4 years until that happens, I wouldn't worry too much about that. It's up to you really, but make sure you get all settlement offers in writing and come onto the forum providing the info before parting with the cash in any settlements.

Good luck

Red

DVardysShadow

Whatever you agree, make sure it is confirmed in writing as 'in full and final settlement'. Anything less and you could fins another DCA after you for the rest after a small gap.

gargrave50

You need a letter in writing from them - its good their original states the balance will be set to zero and flagged as partial settlement. However, you need confirmation in writing that they nor no other agency will pursue you for the remaining balance, BEFORE you make payment.

Well done, I am holding on to receive a similar offer from iQor re: Bank of Scotland white label xj